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S. As at 10 April 2024, the Company had a cash balance of US$16.2 million (excluding cash that is segregated for the development of the Vermelho Project).
Furthermore, given the lack of more favourable scenarios to deal with the Company's liabilities, the Board is continuously reviewing the options alongside their professional advisers.
Karim Nasr, Interim CEO of Horizonte, commented:
"The Board and management are extremely disappointed by the results of our effort to attract financing into the Company. While we received commendation on the quality of the project and of the comprehensive work put together by the Company's team, and supportive attitude of the Company's creditors and Cornerstone Shareholders, the lack of prospects in a recovery of the Ferro-Nickel market considering Indonesian supply dynamics have impeded the confidence of investors in earlier stage projects with high capital intensity, including Horizonte.
We regret the impact this outcome will have on our many stakeholders. I want to thank everyone involved, especially the Horizonte team, for their efforts through this very challenging period."
This company is not finished only they need money to complete the project. They are still under discussion to fund the project. They got 16 million according to the 10th of April statement.